BRP Group moves to acquire P&C provider Insurance Risk Partners

BRP Group | April 02, 2020

Baldwin Risk Partners Group (BRP Group) has announced that its subsidiary, Baldwin Krystyn Sherman Partners (BKS), has acquired all the assets of Insurance Risk Partners (IRP). Based in Oklahoma City, IRP is a provider of P&C insurance and additional consulting services. Founded in 2016, the firm’s client roster includes domestic and international infrastructure-focused private equity firms and their investment subsidiaries, as well as publicly-traded utilities, independent power generation facilities, and renewable power generation companies. A release said that IRP generated annual revenues of about $7 million. Following the acquisition, IRP will become part of and transition to the BKS Partners operating group.

Spotlight

We are excited to share the latest edition of the EY insurance outlook series, covering the major trends, disruptions and innovations that are reshaping our industry. It’s an opportune time to take stock, as insurers are investing more than ever to reshape their business models to take advantage of subtly different growth opportunities around the world.

Spotlight

We are excited to share the latest edition of the EY insurance outlook series, covering the major trends, disruptions and innovations that are reshaping our industry. It’s an opportune time to take stock, as insurers are investing more than ever to reshape their business models to take advantage of subtly different growth opportunities around the world.

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INSURANCE TECHNOLOGY

INNOVU Group Holding Company Limited Acquired by Arthur J. Gallagher & Co.

Gallagher | June 28, 2022

Arthur J. Gallagher & Co. announced today the acquisition of INNOVU Group Holding Company Limited, based in Wexford, Ireland ("INNOVU Insurance"). The transaction's terms were not disclosed. INNOVU Insurance, founded in 2018 by Ronan Foley, is a retail insurance broker that provides a wide range of commercial and personal insurance products and services, as well as financial services, to clients in various industry sectors from seven offices across Ireland. Ronan Foley and his colleagues will remain in their current locations and report to Michael Rea, who oversees Gallagher's retail property and casualty brokerage operations in the UK and Ireland. INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region, We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings." J. Patrick Gallagher, Jr., Chairman, President, and CEO. The headquarters of Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management, and consulting services firm, are in Rolling Meadows, Illinois. Gallagher offers these services in 130 countries via its operations and a network of correspondent brokers and consultants.

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CORE INSURANCE

BDA Participates in 60th Annual Florida Insurance Council Summer Symposium

BDA | July 25, 2022

The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida. The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart. Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration." Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration. Today, Bermuda (re)insurers provide over 60% of the hurricane reinsurance in Florida, support efforts to reform and strengthen Florida’s insurance market, and invest in and share cutting edge science to boost hurricane resilience and promote mitigation. Over 30 years, the Bermuda and Florida markets have tackled many challenges together and shared many successes. We look forward to seeing so many business, legislative, and regulatory leaders in person over the course of FIC’s outstanding programme, and exploring the next cycle of growth in our partnership.” Mr. Hart said, “As a sixth generation Floridian, I have seen first-hand the benefits that Bermuda’s (re)insurance market offers Florida’s economy, and I am proud to represent Bermuda and the BDA at the FIC’s Summer Symposium. As we enter peak hurricane season, our Chair and I will highlight Bermuda’s continued value proposition as the world’s risk capital to the largest gathering of Florida’s domestic insurers. We thank FIC President, Cecil Pearce, for the speaking invitation and look forward to a large gathering of Florida-based companies and executives visiting us for our second annual Bermuda Risk Summit being held at the Hamilton Princess & Beach Club on March 6-8, 2023.” CONNECTING BUSINESS The BDA encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

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CORE INSURANCE

Corvus Insurance Opens Continental European Office in Germany

Corvus | July 28, 2022

Corvus Insurance, the market-leading specialty insurance MGA offering Smart Commercial Insurance® products powered by AI-driven risk data, today announced the opening of a new continental European office in Frankfurt, Germany. The newest office location for Corvus creates a presence in continental Europe for the company — a first for a US-based insurtech — allowing Corvus greater flexibility to expand its international footprint and capabilities through new markets. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “Frankfurt is located within the largest insurance market on the continent and the city has always been an international business hub across industries,” said Oliver Delvos, Head of International at Corvus Insurance. “We will be able to spread our wings and develop our business with a true European focus.” The Frankfurt office will look to underwrite cyber insurance business for both small- and medium-sized businesses (SMBs) and larger corporations. Coupled with product growth, Corvus seeks to increase employee headcount by attracting new talent to the industry and into tech. This will include offering positions for ‘Werkstudenten’ from universities as a way to provide graduates with potential career opportunities. “Cyber by its very nature is a global risk, and by expanding our operations into Europe, this will create new opportunities for our team to help even more policyholders and support our foundational mission of making the world a safer place,” said Lori Bailey, Chief Insurance Officer of Corvus Insurance. To learn more about Corvus, please visit https://www.corvusinsurance.com. About Corvus Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance®, Smart Tech E+O™, and Smart Cargo®. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and Skyward Specialty Insurance. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the US, in the UK, and Germany. For more information, visit corvusinsurance.com.

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